Foreign investments beats 2017 target in November
Strong inflows in November propelled full-year numbers past the $8-billion mark.
Foreign direct investments (FDI) inflows reached $869 million in November, rising by 16.9 percent from a year ago although lower than the record-high $2 billion recorded in October.
The Bangko Sentral ng Pilipinas (BSP) attributed the surge in investments to strong investor confidence towards tbe country, as both debt and equity investments shot up for the month.
“The sustained FDI inflows reflected investor confidence given the Philippine economy’s solid macroeconomic fundamentals and growth prospects,” the central bank said.
Some $813 million in new money entered the Philippines, versus $56 million in reinvested earnings by foreign firms.
The November figure drove the 2017 tally to $8.7 billion, already above the BSP’s $8-billion target with a month to spare.
The biggest equity capital infusions came from the Netherlands, the United States, Singapore, Japan, and Hong Kong from January to November.